Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume on Analyst Upgrade

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw unusually-high trading volume on Thursday after Wells Fargo & Company raised their price target on the stock from $26.00 to $50.00. Wells Fargo & Company currently has an overweight rating on the stock. Approximately 792,595 shares were traded during trading, a decline of 26% from the previous session’s volume of 1,070,172 shares.The stock last traded at $38.11 and had previously closed at $38.56.

A number of other equities analysts have also weighed in on the company. The Goldman Sachs Group lifted their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America lifted their price objective on Mineralys Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Jefferies Financial Group lifted their price target on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a “hold” rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Finally, Guggenheim set a $48.00 price target on Mineralys Therapeutics and gave the company a “buy” rating in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

Insider Transactions at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $14.51, for a total value of $230,476.84. Following the sale, the chief executive officer directly owned 846,405 shares in the company, valued at approximately $12,281,336.55. The trade was a 1.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Srinivas Akkaraju acquired 588,235 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the acquisition, the director owned 588,235 shares in the company, valued at $14,999,992.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 123,051 shares of company stock worth $1,776,262 over the last quarter. Company insiders own 25.56% of the company’s stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its holdings in Mineralys Therapeutics by 31.0% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,090 shares of the company’s stock worth $177,000 after buying an additional 3,094 shares during the last quarter. Rafferty Asset Management LLC acquired a new stake in Mineralys Therapeutics in the 2nd quarter worth about $776,000. Man Group plc boosted its holdings in Mineralys Therapeutics by 50.1% in the 2nd quarter. Man Group plc now owns 21,852 shares of the company’s stock worth $296,000 after buying an additional 7,293 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in Mineralys Therapeutics by 37.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 205,723 shares of the company’s stock worth $2,783,000 after buying an additional 56,450 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Mineralys Therapeutics by 78.9% in the 2nd quarter. Bank of America Corp DE now owns 263,356 shares of the company’s stock worth $3,563,000 after buying an additional 116,134 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Trading Down 3.6%

The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -10.44 and a beta of -0.29. The company has a fifty day moving average of $17.47 and a 200-day moving average of $15.27.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Tuesday, August 12th. The company reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.12. As a group, equities research analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc, a clinical-stage biopharmaceutical company that develops therapies for the treatment of hypertension and chronic kidney diseases. It clinical-stage product candidate is lorundrostat, a proprietary, orally administered, highly selective aldosterone synthase inhibitor for the treatment of cardiorenal conditions affected by abnormally elevated aldosterone.